Key employee share schemes and securities developments
|
|
- Diane Hodges
- 6 years ago
- Views:
Transcription
1 12 December 2013 Finance Bill 2014 Key employee share schemes and securities developments Draft clauses for Finance Bill 2014 (FB 2014) were published on 10 December They include a number of important provisions relevant to all companies which have employee share ownership and share schemes. This alert highlights the key measures and their effective dates. Action is very likely to be required and this presents an opportunity to review your employee share plan arrangements in the light of the proposals. Why these changes? The provisions for FB 2014 include a range of measures driven by the Office of Tax Simplification s recommendations for the simplification of employee share schemes. A number of these provisions have already been announced. However, the draft of FB 2014 provides clarification on key areas under discussion, particularly the taxation of employment related securities and options for internationally mobile employees. General developments Registration and self-certification All existing and new employee share schemes (both HMRC approved and unapproved) must be registered via the Employment Related Securities section of the PAYE online service by 6 April This process of registration will commence on 6 April 2014 and employers are advised to take steps to comply with this new mandatory requirement as soon as possible. HMRC will no longer provide formal approval for any new tax advantaged share schemes from 6 April The company must instead register the scheme and self-certify that the scheme meets the legislative requirements at the end of each tax year. This change means that CSOP, SAYE and SIP approved plans will now be treated in the same way as the EMI options. As companies will need to self-certify, an understanding of the key requirements of the new regime will be critical to an informed decision on selfcertification. Companies may benefit from professional assistance in this regard.
2 The registration and self-certification are necessary steps in ensuring compliance and on-going tax approval. Penalties will be levied by HMRC for incomplete and/or delayed self-certification. As a whole, the new regime is welcomed as it should speed up the availability of tax advantaged employee share plans to qualifying companies. On line filing As previously announced, the filing of all information returns will need to be undertaken online from 6 April 2015 for all approved and unapproved equity plans. Late filing will attract an automatic penalty and previously approved schemes will lose their tax advantages. It is clear that more of the responsibility for equity incentive plan compliance is being passed to the employer. At the same time, HMRC is changing its information gathering in order to obtain the data it needs to check this compliance. Employers should consider reviewing their current equity incentive arrangements and reporting procedures in readiness for the new regime with effect from April Employment related securities and internationally mobile employees As anticipated, FB 2014 is intended to introduce provisions seeking to change and clarify the rules on the taxation of employment related securities and options for internationally mobile employees. This will apply to all grants and awards on and after 1 September The new provisions establish the rules for determining the relevant period over which income is assessed for each type of employment related security (for example, grant to vest ), with provisions for apportionment within these relevant periods between amounts chargeable to tax in the UK and other income. The new section also draws together the existing regulations that address the effect of the remittance basis on employment related securities income. There will be corresponding amendments to the NIC legislation in order to bring it more into line with the new income tax rules. This is a beneficial step towards providing clarity and certainty on the charging provisions for mobile employees, but the complex nature of the individual fact patterns of many mobile employees and also the types of plans they participate in means that efforts to deliver clarity may be more difficult than initially anticipated. Companies who currently offer employee share plans to internationally mobile employees may wish to review their plans to understand the impact on the new legislation and make any adaptions necessary to their systems and procedures to ensure compliance. Section 222 ITEPA 2003 The draft FB 2014 clauses include a welcome softening of the section 222 deadlines, extending the period within which the employee must make good a PAYE amount paid by his or her employer on account of tax due on a payment received by that employee. Failure to reimburse the PAYE before the deadline leads to the creation of a taxable benefit. The current deadline of 90 days from the date of the taxable event is extended to 90 days after the end of the tax year in which that event occurred. This will apply from 6 April 2014.
3 This change acknowledges the difficulty employers may encounter when seeking reimbursement of PAYE in situations such as equity gains for leavers and provides additional time for reimbursement of any PAYE. Accordingly, this change is welcomed. Extending the availability of corporation tax deductions Two extensions to the legislation for corporation tax relief for employee share acquisitions will provide benefit, particularly for transactions. Relief is to be extended to shares acquired by an employee by exercise of an option within 90 days following the takeover of a company by an unlisted company. Corporation tax relief will also be available for shares acquired by an overseas individual seconded to work for a UK company, even where the UK company is not the employing company, if certain conditions are met. The first of these new reliefs will be available from the date of Royal Assent to FB 2014 and the second of the new reliefs will be available from 1 September Rollover of restricted shares and partly paid shares It has been possible for some time on a transaction for an employee holding unexercised options to exchange these for new options in an acquiring company without triggering a tax charge subject to meeting statutory conditions. However, such a roll over was not available to an employee who exchanged restricted shares or partly paid shares. That is, any such exchange would generate an income tax and NIC charge at the date of the exchange. This was particularly problematic where no liquidity was being provided on the transaction. A key impact of FB 2014 will be that the exchange of restricted, partly paid or nil paid securities for new securities of the same type on certain events will no longer be a taxable event (if conditions at rollover are met). This is especially useful in transactions where, for example, the employee receives only new restricted shares in the place of existing restricted shares, which under current legislation would create a tax charge. Accordingly, this proposed change is welcomed. This relief will be effective from Royal Assent to FB Increase in de minimis threshold for notional loans A benefit in kind charge will arise on an employment related interest loan if it is interest free or the interest payable is less than HMRC s official rate (currently 4%), unless it falls within one of the available exemptions. A key exemption is if the aggregate of all such loans does not exceed 5,000. It is expected that this threshold will increase to 10,000 from 6 April This is of particular benefit to companies which offer nil or partly paid share schemes, as it increases the value of the shares which can be offered on such a basis before a notional loan charge would arise.
4 Approved share plans developments Increases to SIP and SAYE plan limits Changes to the limits for SIP and SAYE the first increases in over 10 years - will make these approved plans more attractive to companies looking to offer a tax efficient share plan to their employees. This would include both domestic UK companies and internationally listed companies currently offering Employee Stock Purchase plans to UK employees. For SIPs, the individual limits on the free shares that companies can award to employees from 6 April 2014 will be increased from 3,000 to 3,600 per tax year and the individual limits on the partnership shares employees can purchase will be increased from 1,500 to 1,800 per tax year (or 10% of an employee s annual salary). For SAYE, the amount that employees can save and apply towards the purchase of shares for will be increased from 250 to 500 per month. SIP forfeiture of partnership and dividend shares Finance Act 2013 introduced changes to the SIP legislation so that companies can now use shares subject to restrictions for their SIP. In particular, it removed the rule limiting forfeiture provisions to free and matching shares to three years from the date of award, effectively permitting companies to apply forfeiture provisions for any period to these shares. The draft FB 2014 proposes to extend the ability to apply a forfeiture provision to partnership and dividend shares. Currently, partnership and dividend shares cannot be subject to any forfeiture provisions. From 6 April 2014, it is proposed that companies can impose conditions requiring that employees must offer their partnership and dividend shares for sale when they cease employment, providing certain conditions in relation to the consideration paid to the employee for these shares are met (in other words, the employee can never receive less than they paid for the shares). Companies who wish to use restricted or forfeitable shares for their SIP will need to consider carefully how the legislation applies in their situation and what steps they need to take in order to implement this. Further guidance will be welcomed from HMRC. New requirements for CSOP options from 6 April 2014 FB 2014 proposes an additional paragraph providing new requirements for CSOP options, including a condition that the option must be capable of exercise within 10 years, and specific terms which must be stated at grant (e.g. exercise price, restrictions attaching to the shares). This will apply to new grants from 6 April CSOP and SAYE takeover provisions Building on the amendments to the change of control provisions introduced by Finance Act 2013, FB 2014 proposes the insertion of a new rule to take account of situations where the change of ownership of the parent company means that the CSOP will no longer be an approved plan. The new rule permits options to be exercised up to seven days before or after a change of control, and still qualify as an approved exercise. This will apply from 6 April Companies which wish to take advantage of this change
5 will need to amend their plan rules to add a provision enabling exercise following a takeover that meets the new conditions. Valuation of listed company shares Finally, there is news of a useful simplification of the rules on establishing the value of shares listed on a recognised stock exchange. This was a key point raised during the Office of Tax Simplification s review of employee share schemes. HMRC s recently published response indicates that it proposes to replace the current rules with a reference to a single method based on the closing price of the shares on the day of trading. Further guidance is awaited. Employee ownership structures As announced at Budget 2013 and following recent consultation, a number of new tax reliefs are to be introduced in FB 2014 to increase the overall attractiveness of indirect employee ownership structures for businesses and which comprise three broad measures. The first measure is an exemption from capital gains tax (CGT), such that share disposals in a trading company or in the parent of a trading group, to a new kind of trust, may be wholly exempt from CGT if certain conditions are met. Such an employee ownership trust must have specified characteristics and the trustees must hold a controlling interest in the company at the end of the tax year for which the relief is claimed. In addition, the trustees must apply the trust s property for the benefit of the employees of the company. The draft legislation to introduce the measure is detailed and includes five relief requirements all of which must be met for the CGT relief to be due. These include a trading requirement which must be met by the company whose shares are acquired by the trustees, an all-employee benefit requirement, a controlling interest requirement and a limited participation, anti-avoidance requirement. The fifth requirement is also an antiavoidance measure to prevent the claimant or any connected person receiving relief in respect of the same shares more than once. Such disposals for CGT purposes would normally be for a consideration equal to the market value of the shares. However, for the purposes of this relief, the disposal is now deemed to be for no gain or loss. The second measure introduces a limited exemption from income tax for bonus payments made to an employee by a qualifying indirectly employee-owned company that meets certain conditions. The bonus payments must be a cash award other than regular salary or wages that is paid to all employees on equal terms, although bonuses can be determined as a percentage of salary or length of service or hours worked. The exempt amount of bonus is subject to an annual cap of 3,600 per employee. Thirdly, the draft legislation also includes some amendments to the Inheritance Tax Act to ensure that transfers of qualifying interests to qualifying trusts do not attract an inheritance tax charge. The relief and exemption take effect from 6 April 2014.
6 EY Assurance Tax Transactions Advisory How EY can help A review of the impact of the above changes will require careful analysis of the plan documentation and an understanding of how these changes will impact your wider reward strategy. We would be happy to meet with you to discuss the impact of these changes on your existing incentive arrangements, as well as discuss whether there will be any impact on your future reward strategy. Our specialist team is able to help with all aspects of plan reviews, any design and implementation of new plans to take advantage of these changes, as well as stakeholder and employee communication. About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. Ernst & Young LLP Further information For further information, please contact one of the following or your usual EY contact: Giles Capon gcapon@uk.ey.com Jessica Norton jnorton@uk.ey.com Karen Horne khorne@uk.ey.com Ceri Ross cross3@uk.ey.com Andrew Morgan Jones amorganjones@uk.ey.com Lorna Jordan ljordan@uk.ey.com The UK firm Ernst & Young LLP is a limited liability partnership registered in England and Wales with registered number OC and is a member firm of Ernst & Young Global Limited. Ernst & Young LLP, 1 More London Place, London, SE1 2AF Ernst & Young LLP. Published in the UK. All Rights Reserved. ED None In line with EY s commitment to minimise its impact on the environment, this document has been printed on paper with a high recycled content. Information in this publication is intended to provide only a general outline of the subjects covered. It should neither be regarded as comprehensive nor sufficient for making decisions, nor should it be used in place of professional advice. Ernst & Young LLP accepts no responsibility for any loss arising from any action taken or not taken by anyone using this material. ey.com/uk Catherine Bond cbond@uk.ey.com Richard Burston rburston@uk.ey.com John Cowling jcowling@uk.ey.com Anita Eunson aeunson@uk.ey.com
Finance Bill Draft Finance Bill 2018 clauses. Draft clauses and other documents published on 13. September 2017
September 2017 Draft Finance Bill 2018 clauses Finance Bill 2018 Draft clauses and other documents published on 13 September 2017 13 September 2017 saw the publication of a number of draft clauses intended
More informationNon-resident capital gains taxation on direct and indirect sales of UK property
July 2018 Draft Finance Bill clauses Non-resident capital gains taxation on direct and indirect sales of UK property Summary of proposals Gains on disposals of all UK property and certain UK property rich
More informationEY banking alert. Draft Finance Bill Taking stock of the Autumn Statement and draft Finance Bill Introduction
9 December 2016 Draft Finance Bill 2017 EY banking alert Taking stock of the Autumn Statement and draft Finance Bill 2017 Introduction The Government has explicitly set out its long term plans for banking
More informationDraft Finance (No.2) Bill 2017
13 July 2017 Draft Finance (No. 2) Bill 2017 Draft Finance (No.2) Bill 2017 The Government has announced today that the Finance (No.2) Bill 2017, which brings back measures deferred from Finance Act 2017,
More informationTax deductibility of corporate interest expense
Tax Services 13 May 2016 Tax deductibility of corporate interest expense Further consultation Consultation on detailed policy design and implementation On 12 May 2016, HM Treasury and HMRC released a further
More informationEY UK Tax Strategy. Financial year ending 30 June 2017
EY UK Tax Strategy Financial year ending 30 June 2017 EY s values and our commitment to building a better working world drive our tax strategy Scope This tax strategy applies to EY LLP and all its wholly
More informationCapital gains for nonresidents. legislation released
Finance Bill 2015 Capital gains for nonresidents - draft tax legislation released Introduction On 10 December 2014 the UK Government released draft legislation on the extended capital gains tax (CGT) charge
More informationFinance Bill Finance Bill Draft legislation on modified UK patent box. Executive Summary. December 2015
Finance Bill 2016 December 2015 Finance Bill 2016 Draft legislation on modified UK patent box Executive Summary On 9 December 2015, draft legislation was published in relation to modifying the UK patent
More informationNon-resident chargeable gains on UK property collective investment vehicles
January 2019 Draft Finance Bill clauses Non-resident chargeable gains on UK property collective investment vehicles Summary of draft rules for collective investment vehicles (CIVs) In addition to the new
More informationTaxing gains made by nonresidents immovable property and other proposals
22 November 2017 Autumn Budget 2017 Taxing gains made by nonresidents on UK immovable property and other proposals Summary Taxation of gains on UK immovable property Today, as part of the Autumn Budget
More informationUnauthorised unit trusts: The end of the race
Asset Management Tax Alert Unauthorised unit trusts: The end of the race Back in 2001, EY published a paper entitled Cancel the race. This paper compared the tax regime for unauthorised unit trusts (UUTs)
More informationUK Banking & Capital Markets Budget Alert
Summer Budget 2015 UK Banking & Capital Markets Budget Alert Headlines The UK Budget announcements herald a major shift in banking tax policy, with the UK Government attempting to respond to industry concerns
More informationConsultation on modified UK patent box
Tax Services 26 October 2015 Consultation on modified UK patent box Executive summary A joint consultation document published by HMRC and HM Treasury on 22 October 2015 sets out the Government s proposals
More informationThe non-dom newsletter
September 2015 Tax Services The non-dom newsletter Introduction Welcome to the first edition of our Non-Dom Newsletter. This newsletter has a single focus: to keep you abreast and advised of the changing
More informationMore certainty on pensions and disguised remuneration Finance (No. 3) Bill 2011
More certainty on pensions and disguised remuneration Finance (No. 3) Bill 2011 Finance (No. 3) Bill 2011 (Finance Bill), published on 31 March 2011, means that employers have more certainty on the new
More informationPrivate Client Services
Private Client Services Residential property Charges for non-natural persons March 2013 Residential property: charges for non-natural persons The 2012 Chancellor s Budget contained a number of announcements
More informationTravel and subsistence survey
Travel and subsistence survey Executive summary As a response to an Office of Tax Simplification report, HM Treasury (HMT) and HMRC are reviewing the legislation and guidance which applies to the taxation
More informationSignificant tax changes: UK implications for captive insurers
Tax Services Significant tax changes: UK implications for captive insurers Executive summary This alert sets out how recent developments in the global tax environment may impact UK-connected groups with
More informationTax Facts 2013/14. Travers Smith LLP 10 Snow Hill London EC1A 2AL T +44 (0) F +44 (0)
Tax Facts 2013/14 Travers Smith LLP 10 Snow Hill London EC1A 2AL T +44 (0) 20 7295 3000 F +44 (0) 20 7295 3500 April 2013 www.traverssmith.com Income Tax Income Tax Rates Bands Rate Tax on Band Basic Rate
More informationEmployee share schemes and incentives
Employee share schemes and incentives Introduction Many employers give directors and employees the opportunity to acquire shares in their companies on advantageous terms. Research has indicated that staff
More informationThe impact of IFRS 16 on the UK tax position
May 2018 Tax Services The impact of IFRS 16 on the UK tax position Understanding the impact of IFRS 16 International Financial Reporting Standard 16 Leases (IFRS 16) comes into force for annual periods
More informationBanking & Capital Markets Tax Alert
Autumn Statement 2014 Banking & Capital Markets Tax Alert The headline Autumn Statement news for banks, building societies and other regulated entities is the restriction on the use of brought forward
More informationAAT RESPONSE TO THE HMRC CONSULTATION ON OFFICE OF TAX SIMPLIFICATION: REVIEW OF UNAPPROVED SHARE SCHEMES
AAT RESPONSE TO THE HMRC CONSULTATION ON OFFICE OF TAX SIMPLIFICATION: REVIEW OF UNAPPROVED SHARE SCHEMES 1 INTRODUCTION 1.1 The Association of Accounting Technicians (AAT) is pleased to comment on the
More informationFinance Bill published
Finance Bill 2015 Finance Bill published The 2015 Finance Bill was published today, 24 March, with the intention that all stages of the Bill will occur on 25 March. The expectation is that Royal Assent
More informationEmployee Share Incentives - An Overview
Employee Share Incentives - An Overview Employee Share Incentives Employee share schemes are used to reward employees in a tax effective way. They can be targeted at a particular group or offered to all
More informationEmployment Taxes: Employees & Shares
Employment Taxes: Employees & Shares Thomas Dalby, Gabelle LLP 26 October 2016 AAT is a registered charity. No. 1050724 Contents 1 What, why and how 2 The legislative background 3 Valuation approach 4
More informationControlled foreign company reform an update
International Tax Services Controlled foreign company reform an update On 6 December 2011 HMRC published the document Controlled Foreign Company (CFC) Reform response to consultation together with most
More informationLarge business tax compliance
Finance Bill 2016 Large business tax compliance New measures applicable from April or July 2016 A package of measures to drive behavioural change Details of HMRC s new large business tax compliance package
More informationUpdate on HMRC s consultation on the modernisation of the corporate debt and derivative contract regimes
Tax Services Update on HMRC s consultation on the modernisation of the corporate debt and derivative contract regimes The consultation on reform of the loan relationships and derivative contract rules
More informationSetting up a business in the UK. 25 September 2018
Setting up a business in the UK 25 September 2018 Contents 1. Overview 3 2. Legal considerations 4 3. Statutory accounting and reporting 5 4. Corporation tax compliance 7 5. Value-added tax 9 6. Employment
More informationThe shape of things to come. Tax Director aspirations for the Business Tax Roadmap
The shape of things to come Tax Director aspirations for the Business Tax Roadmap Highlights In February 2016, we surveyed Tax Directors to understand the challenges they would like to see addressed in
More informationWhat next after the general election?
Tax Services What next after the general election? In the ten days since they won a majority in the House of Commons, the Conservative party has both confirmed the make-up of the new Government with its
More informationInto focus. FTSE 350 Executive and Board remuneration report. January 2016
Into focus FTSE 350 Executive and Board remuneration report January 2016 Introduction Executive salaries continue to increase and the median of 2015/16 proposed salary increases is 2.2% Welcome and introduction
More informationUK publishes draft clauses and other Documents under Finance Bill 2018
15 September 2017 Global Tax Alert UK publishes draft clauses and other Documents under Finance Bill 2018 EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy
More informationOn course for competitiveness. Budget survey 2014
On course for competitiveness Budget survey 2014 Executive summary With an election looming next year and EY s ITEM club predicting a modest upgrade to the short-term forecast for economic growth, the
More informationThe non-dom newsletter
December 2016 Tax Services The non-dom newsletter Twelfth edition - Draft Finance Bill Special 8 December 2016 Introduction Welcome to the Draft Finance Bill Special edition of the non-dom newsletter.
More informationEmployee Share Incentives
Employee Share Incentives Employee Share Incentives Employee share schemes are used to reward employees in a tax effective way. They can be targeted at a particular group or offered to all employees so
More informationA guide to Employee Share Schemes
A guide to Employee Share Schemes 0 A Charles Russell guide Employees Share Schemes: An overview Author: Tarl Lall Contents Why use Employees Share Schemes Disadvantages and risks Forms of Share Incentives
More informationEmployee Incentives. Budget 2008 and recent developments. Taper Relief abolished from 6 April. EMI individual limit increased to 120,000 from 6 April
Employee Incentives Budget 2008 and recent developments In his first Budget as Chancellor of the Exchequer, Alistair Darling announced a number of measures that affect employee share plans. This briefing
More informationUK issues draft Finance Bill 2014 clauses for consultation
11 December 2013 EY Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: http://www.ey.com/gl/en/ Services/Tax/International- Tax/Tax-alert-library#date
More informationUK HMRC issues update on diverted profits tax
20 March 2015 EY Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: http://www.ey.com/gl/en/ Services/Tax/International- Tax/Tax-alert-library#date UK
More informationEYGS UK tax strategy. Financial year ending 30 June 2017
EYGS UK tax strategy Financial year ending 30 June 2017 EY s values and our commitment to building a better working world drive our tax strategy Scope This tax strategy applies to EYGS LLP and all its
More informationUK Tax Tables 2018/2019
UK Tax Tables 2018/2019 Contents II Income tax Income tax rates Scotland Pensions Income tax rates Personal allowances a 11,850 Married couple s allowance bc (available where one partner is born before
More informationUK issues 2015 Autumn Statement
30 November 2015 Global Tax Alert UK issues 2015 Autumn Statement EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: www.ey.com/taxalerts
More informationTax pledges in the 2015 election manifestos
Tax Services Tax pledges in the 2015 election manifestos With Thursday s general election still too close to call, a hung Parliament is widely expected and it is not clear which parties would be in a position
More informationUK Spring Budget 2017 business taxes
9 March 2017 Global Tax Alert UK Spring Budget 2017 business taxes EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: www.ey.com/taxalerts
More informationEmployee Incentives Guide. Kemp Little
Employee Incentives Guide Kemp Little Contents Contents... 2 Introduction... 1 1 Employee Share Plans... 2 2 Other Incentives... 8 Growth share plan... 8 Phantom Share Plan... 9 Pension contributions...
More informationUK publishes draft legislation on modified patent box regime
17 December 2015 Global Tax Alert UK publishes draft legislation on modified patent box regime EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your
More informationUK publishes Autumn Finance Bill 2017
11 September 2017 Global Tax Alert UK publishes Autumn Finance Bill 2017 EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: www.ey.com/taxalerts
More informationSingapore-Thailand revised income tax treaty and protocol enter into force
14 March 2016 Global Tax Alert Singapore-Thailand revised income tax treaty and protocol enter into force EY Global Tax Alert Library Access both online and pdf versions Executive summary On 15 February
More informationUK publishes draft legislation on restrictions for UK interest deductions
12 December 2016 Global Tax Alert UK publishes draft legislation on restrictions for UK interest deductions EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts.
More informationUK CFC rules: European Commission publishes opening decision on State aid
20 November 2017 Global Tax Alert UK CFC rules: European Commission publishes opening decision on State aid EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts.
More informationReview of unapproved share schemes: Interim report
Review of unapproved share schemes: Interim report August 2012 Review of unapproved share schemes: Interim report August 2012 Official versions of this document are printed on 100% recycled paper. When
More informationEuropean Union (Withdrawal) Bill
July 2017 Brexit alert European Union (Withdrawal) Bill Published 13 July 2017 Following the announcement in the Queen s Speech on 21 June 2017, the Government has introduced into Parliament the Repeal
More informationEmployee Stock Purchase Plans. Employment. Regulatory. Tax. Labor Concerns. Communications. Securities Compliance. Foreign Exchange.
UK Employee Stock Purchase Plans Appropriate language should be included in enrolment forms stating that the employee has no rights to compensation for loss of rights under the Plan in the event of their
More informationGillian Lofts. Generic guidance critical for industry and consumers Update on TSIP initiative. Guidance Deconstructed for life, not just at retirement
@uktisa Gillian Lofts EY #SummitPC15 Generic guidance critical for industry and consumers Update on TSIP initiative Draft for discussion 1 Low levels of financial capability and savings in UK population
More informationYear end reporting for Employment Related Securities
Year end reporting for Employment Related Securities Now that the 2016/17 tax year has come to an end, there are a variety of tax filing obligations on employers. One of these obligations is that if employees
More informationEmployee Share Incentives
Employee Share Incentives Employee Share Incentives Employee share schemes are used to reward employees in a tax effective way. They can be targeted at a particular group or to all employees so that a
More informationHMRC s Profit Diversion Compliance Facility
January 2019 Tax services HMRC s Profit Diversion Compliance Facility Why should businesses register? Overview of the disclosure facility On 10 January 2019 HMRC announced and launched a new disclosure
More informationThe non-dom newsletter
October 2017 Tax Services The non-dom newsletter Eighteenth edition 25 October 2017 Introduction Welcome to the trust special edition of the non-dom newsletter. In this edition, we hear the views of our
More informationRomania. Recent VAT changes and action items. February 2016
Romania Recent VAT changes and action items February 2016 VAT Changes in Romania VAT changes most significant The standard rate of VAT in Romania was reduced from 24% to 20% with effect from 1 January
More informationSpring Statement and associated documents
March 2018 Spring Statement and associated documents In his speech of 13 March, the Chancellor stuck by his plans that major tax or spending changes would now be made only once a year - at the Budget in
More informationThe non-dom newsletter
February 2018 Tax Services The non-dom newsletter Nineteenth edition 8 February 2018 Introduction Welcome to the latest edition of the non-dom newsletter. In this edition, we consider the recently published
More informationUK publishes draft Finance Bill clauses and other documents
9 July 2018 Global Tax Alert UK publishes draft Finance Bill clauses and other documents NEW! EY Tax News Update: Global Edition EY s new Tax News Update: Global Edition is a free, personalized email subscription
More informationThe Reduced Disclosure Framework
The Reduced Disclosure Framework An approach to shareholder communication: Option B Enabling an objection via a response form February 2015 Contents Page Section 1 Introduction to the Reduced Disclosure
More informationKEY CORPORATE TAX DEADLINES 2018
KEY CORPORATE TAX DEADLINES 2018 START PRINT OPEN FULL SCREEN NEXT KEY ACTION DATES: YOUR YEAR Whenever your company s accounting year ends, there are key dates throughout that year when you may need to
More informationUK issues Summer Budget 2015
10 July 2015 EY Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser: http://www.ey.com/gl/en/ Services/Tax/International- Tax/Tax-alert-library#date UK issues
More informationCanada: Ontario Ministry of Finance seeks input on proposals to facilitate compliance with the Land Transfer Tax Act
24 July 2017 Indirect Tax Alert News from Americas Tax Center Canada: Ontario Ministry of Finance seeks input on proposals to facilitate compliance with the Land Transfer Tax Act EY Global Tax Alert Library
More informationAustralia introduces Bill for stapled structures, nonconcessional. other foreign investor changes. Executive summary
27 September 2018 Global Tax Alert Australia introduces Bill for stapled structures, nonconcessional MIT and other foreign investor changes NEW! EY Tax News Update: Global Edition EY s new Tax News Update:
More informationMobility matters The essential UK tax guide for individuals on international assignment abroad
www.pwc.co.uk Mobility matters The essential UK tax guide for individuals on international assignment abroad December 2017 Contents 1 Determining your UK tax liability 1.1 What impact will my overseas
More informationTax highlights. Autumn Statement. 25 November 2015
Autumn Statement Tax highlights 25 November 2015 The emphasis in today s Autumn Statement was on the Government s spending review. Nonetheless, there were a number of new announcements on tax, over and
More informationProfessional Level Options Module, Paper P6 (UK) 1 Hahn Ltd group. (a)
Answers Professional Level Options Module, Paper P6 (UK) Advanced Taxation (United Kingdom) September/December 2016 Sample Answers 1 Hahn Ltd group (a) Memorandum Client Hahn Ltd group Subject Group loss
More informationKenya Revenue Authority issues guidelines on tax amnesty on foreign income
15 March 2017 Global Tax Alert Kenya Revenue Authority issues guidelines on tax amnesty on foreign income EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy
More informationCredit Ratings Advisory Q3 2017
Credit Ratings Advisory Q3 2017 What we do Credit ratings assessment For unrated clients we assess the likely outcome of a credit ratings process to support funding options advice or debt capital raising/refinancing
More informationEmployee Benefits News
Employee Benefits News October 2011 Employee Benefits News Executive remuneration: new consultations and revised ABI guidelines Consultation on enhanced disclosure and "say on pay" proposals The Business
More informationOECD Common Reporting Standard
18 February 2014 International Tax Alert OECD Common Reporting Standard A global FATCA-like regime Executive Summary On 13 February 2014, the Organization for Economic Co-operation and Development (OECD),
More informationThe Law Society's response. January The Law Society. All rights reserved. PERSONAL/IAD-EU /8
HMRC and HM Treasury: Clause 42 and Schedule 13 of the Draft Finance Bill 2017: Inheritance tax on overseas property with value attributable to UK residential property The Law Society's response January
More informationUK employment taxes: a guide for non-uk based technology companies. Employer s support Technology PRECISE. PROVEN. PERFORMANCE.
UK employment taxes: a guide for non-uk based technology companies Employer s support Technology PRECISE. PROVEN. PERFORMANCE. UK employment taxes: a guide for non-uk based technology companies When setting
More informationCouncil of the EU reaches an agreement on new mandatory transparency rules for intermediaries and taxpayers
14 March 2018 Global Tax Alert Council of the EU reaches an agreement on new mandatory transparency rules for intermediaries and taxpayers EY Global Tax Alert Library Access both online and pdf versions
More informationGovernment and Public Sector
Government and Public Sector Budget 2016 Digest Government and Public Sector Budget 2016 Digest 1 Economic story The background for the economic forecast is a slowing world economy. 2 The Chancellor talked
More informationUK launches review of corporate intangible fixed assets regime
20 February 2018 Global Tax Alert UK launches review of corporate intangible fixed assets regime EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your
More informationIreland s Country-by- Country reporting notification deadline is 31 December 2016
12 December 2016 Global Tax Alert News from Transfer Pricing Ireland s Country-by- Country reporting notification deadline is 31 December 2016 EY Global Tax Alert Library Access both online and pdf versions
More informationFinance Bill 2016 Draft Clauses
Finance Bill 2016 Draft Clauses KPMG Report 11 December 2015 kpmg.com/uk CONTENTS The draft clauses in overview 1 Has the Chancellor been a good Father Christmas this year? 2 Measures of general interest
More informationReal estate funds. Are you leaving money on the table?
Real estate funds Are you leaving money on the table? Relevant to real estate fund managers or those managing investments under a segregated account mandate In a rapidly changing tax environment, it is
More informationReform of an anti-avoidance provision: Transfer of Assets Abroad Consultation Response
Reform of an anti-avoidance provision: Transfer of Assets Abroad Consultation Response The Law Society October 2013 Introduction The Law Society is the representative body for more than 166,000 solicitors
More informationSCHEDULE 21 Section 138 PART 1
Schedule 21 Approved share plans and schemes Part 1 Share incentive plans 24 SCHEDULE 21 Section 138 APPROVED SHARE PLANS AND SCHEMES PART 1 SHARE INCENTIVE PLANS Introductory 1 Schedule 2 to the Income
More informationGBT Holdings. 21 February 2018
This document is important and requires your immediate attention. If you are in any doubt as to the contents of this document or what action you should take, you are recommended to seek your own advice
More informationYou and your people. Tax Advantaged Share Plans Savings Related Share Option Plan ( SAYE or Sharesave )
You and your people Tax Advantaged Share Plans Savings Related Share Option Plan ( SAYE or Sharesave ) What is an SAYE? A Savings Related Share Option Scheme ( SAYE ) is a tax advantaged all-employee option
More informationPrivate Client Services pre Budget tax matters to consider. Gifts and inheritances - Capital Acquisitions Tax (CAT)
05 September 2013 Issue 10/2013 Tax alert Ireland Private Client Services pre Budget 2014 - tax matters to consider Contacts If you require further information, please call your regular contact in EY or
More informationOECD BEPS and EU Anti-Tax Avoidance Directive
Tax Services OECD BEPS and EU Anti-Tax Avoidance Directive Implications for captive insurers Executive summary Over the last five years global tax authorities have increasingly scrutinised captive insurance
More informationUK Government opens consultations on Making Tax Digital
16 August 2016 Global Tax Alert UK Government opens consultations on Making Tax Digital EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser:
More informationThe future of assurance EU audit reform what it means for you
The future of assurance EU audit reform what it means for you 1/8 2/8 Viewpoint Isabelle Santenac is EY s Assurance Managing Partner for Financial Services in Europe, Middle East, India and Africa. She
More informationReform of the Non-Dom Regime - December 2016
19 December 2016 Note: The government finalised the reform of the non-dom regime, and this was part of the second Finance Act of 2017 which gained Royal Assent on 16 November 2017 - please see our technical
More informationMEETING THE OBLIGATIONS TO FILE RETURNS AND PAY TAX ON TIME
MEETING THE OBLIGATIONS TO FILE RETURNS AND PAY TAX ON TIME DRAFT LEGISLATION AND COMMENTARY Memorandum submitted on 3 March 2010 by the Tax Faculty of the Institute of Chartered Accountants in England
More informationDiscretionary Discounted Gift Trust. Adviser s Guide
Discretionary Discounted Gift Trust Adviser s Guide Adviser s Guide to the Discretionary Discounted Gift Trust This guide is for use by Financial Advisers only. It is not intended for onward transmission
More informationAnnual residential property tax and capital gains tax rules for non-natural persons
Annual residential property tax and capital gains tax rules for non-natural persons STEP is the worldwide professional association for practitioners dealing with family inheritance and succession planning.
More informationAutumn Budget 2017: The Budget, in full
www.ukbudget.com 22 November 2017 Autumn Budget 2017: The Budget, in full Contents Introduction 1 Tackling tax avoidance, evasion and non-compliance 2 Real estate 2.1 UK real estate 2.2 CGT payment deadline
More informationIntroduction 1-3. Who we are 4-6. Key point summary / Major points Responses to specific questions 13-48
TAXREP 57/11 ICAEW TAX REPRESENTATION VAT: COST SHARING EXEMPTION Comments submitted in September 2011 by ICAEW Tax Faculty in response to the HM Revenue & Customs consultation document, VAT: Cost Sharing
More informationFinance Bill 2016 summary of key changes for fund managers
Finance Bill 2016 summary of key changes for fund managers On 24 March 2016 the Government published the Finance (No. 2) Bill 2016. One of the most relevant aspects of the finance bill for alternative
More informationTOLLEY S INCOME TAX
TOLLEY S INCOME TAX 2014-15 Excerpt from chapter 70: Share-Related Employment Income and Exemptions To order your copy of Tolley s Income Tax 2014-15 visit www.lexisnexis.co.uk or call 0845 370 1234. Responsible
More information